Forbes Sells Stake
In Media Business
To Fund Growth

Looking to raise capital to fuel expansion, the family owners of Forbes magazine and its Web site, Forbes.com, sold a minority stake in their media business to private-equity firm Elevation Partners.

Elevation, a $1.9 billion fund whose partners include rock singer Bono, paid an undisclosed amount for a stake in Forbes Media LLC, a newly formed company housing both the magazine and Forbes.com. Forbes Chief Executive Steve Forbes said the company plans to use the money to invest in new products, including foreign-language...